India is increasingly becoming a prime target for ransomware attacks, ranking second in the Asia Pacific and Japan (APJ) region, as revealed by Zscaler’s annual ThreatLabz 2024 Ransomware Report. This report, covering the period from April 2023 to April 2024, outlines worrying trends that pose significant risks to Indian businesses, particularly in the manufacturing, telecommunications, and technology sectors.
The report indicates an alarming 18% increase in global ransomware incidents year-over-year, alongside a staggering ransom payment of $75 million made to the Dark Angels group-nearly double the previous record. This unprecedented payout is likely to inspire other cybercriminals to adopt similar tactics, underscoring the pressing need for organizations in India to strengthen their defenses.
India’s rapid digital transformation, spurred by the widespread use of artificial intelligence (AI) and machine learning (ML), has made it an attractive target for sophisticated cyber threats. ThreatLabz noted a remarkable 135% increase in AI transactions in APJ, largely driven by activity in India. While this digital growth fosters innovation, it also opens the door for cybercriminals seeking to exploit security weaknesses.
The report highlights that the manufacturing sector is the most targeted in India, accounting for nearly 29% of ransomware incidents. Other sectors at risk include healthcare, technology, pharmaceuticals, and financial services. Despite a slight decrease in reported incidents – from 62 in 2023 to 60 in 2024 – ransomware remains a major concern for Indian enterprises. The report also identified the most active ransomware families in India, with LockBit leading at 23.33%, followed by BianLian and BlackCat.
Follow FE Tech Bytes on Twitter, Instagram, LinkedIn, Facebook.
